Barstool still has plans to open retail sports betting
Barstool Sportsbook continues to expand into other states. The tenth legal mobile sportsbook to open in the US is in Pennsylvania. The company currently operates in Iowa, Tennessee, Michigan, Illinois, Indiana, Colorado, Virginia, New Jersey and Arizona.
Talking of Arizona…
Phoenix Raceway has not abandoned its intention to enter the commercial Arizona sports betting industry. It’s just a question of when it will happen. “A physical bookmaker at the raceway in Phoenix has been in the plans since the start, but we don’t have a schedule for its development,” a track spokesperson recently wrote, in an email to BetArizona.com.
This article will dive deeper into the Barstool Sportsbook Arizona and how it operates.
Physical locations update
When it’s finally constructed, the Raceway facility will join the FanDuel Sports betting Arizona at Footprint Center and the Caesars Sportsbook in Chase Field. All of these sportsbooks are located in Arizona.
In total, five retail sites are planned as the professional sports clubs in Arizona already have licenses to operate mobile sports betting apps.
At the time of writing, none of the circuits on the NASCAR circuit offer retail sportsbooks at the track level. There is a good chance that other retail sportsbooks may operate in the near future at Bristol Speedway in Tennessee and Martinsville Raceway in Virginia. These are two of the states that have already implemented mobile sports betting.
As soon as the state’s market opens up later this year, Kansas Speedway, already home to a Hollywood Casino, intends to launch its own retail sportsbook operation.
Penn Partnership with Barstool sportsbook
Barstool has partnered with Penn National Gaming, which owns and operates casinos and racetracks. Penn National Gaming purchased 36% of the company, which makes them a major shareholder. The purchase price of Barstool Sports is $163 million, which results in a total value of around $450 million for the company. Roughly $135 million of the investment for the purchase is cash, while the remaining $28 million is being provided in the form of convertible preferred stock. Under the terms of the agreement, Penn National will become Barstool Sports’ exclusive gaming partner. This will make it possible for Barstool Sports to utilize Penn National’s brand for both online and retail sports betting.
During the next three years, the relationship is scheduled to further expand. It’s expected that Penn National Gaming will purchase about a half stake in Barstool Sports by 2023. The total investment should increase by another $62 million. Consequently, Penn National Gaming may eventually acquire complete ownership of Barstool Sports and comprehensive company management. As a result of this contract, crucial in the broader evolution of legal sports betting in the United States, Penn National now owns exclusive Barstool Sports gaming rights for the next 40 years.
Welcome bonus at Barstool Sportsbook
The terms of the welcome bonus for the Barstool Sportsbook have been finalized. After considerable discussion about what the first bonus would contain, Barstool decided to give two of the most popular Arizona sports betting promos by producing a welcome bonus that included a no deposit cash prize and a risk-free bet! This decision came after much conjecture about what the initial bonus might entail.
You will earn $10 for free upon registration as part of the no deposit bonus offer! When you deposit to the platform and place your initial wager, you will be entitled to a risk-free bet. The value of the bonus is 100% of the initial deposit, up to a maximum of five hundred dollars. This makes signing up even more enticing.
Terms and conditions
The terms and conditions, that are exclusive to the platform used by Barstool Sportsbook PA, regarding the welcome pack, are as follows:
- Only brand-new consumers are eligible; current or lapsed customers are excluded.
- All players must be at least 21 years old.
- Free wagers expire after one year.
- Other standard terms and conditions of Barstool Sports also apply.
Note that terms and conditions may vary from state to state.
Barstool Sportsbook exploits its affiliation with Penn Gaming National, as well as the Kambi Group, to provide a good sports betting destination for clients around the country. Its operation is free of major problems and offers good pregame interfaces.
The company provides a fully working mobile app that includes all of the website’s functionality. Ultimately, this omnichannel business leverages the experience and capabilities of Barstool Sports, plus Penn National Gaming, to provide a worthy contribution to the US sports betting industry.
What’s fascinating about Barstool’s early accomplishment is how the company dealt with its late arrival into the Pennsylvania market. Organic marketing was used by the firm instead of standard advertising methods. This technique will grow more challenging as it expands into other areas and its top executives will need to manage various local ad campaigns.
Having said that, the firm has several unique attributes in the sports gambling area, such as personalities, famous podcasts and an incredibly effective social media presence. Moreover, Barstool can incorporate additional traditional marketing tactics at any time.